Credit Card Delinquency Rates Are At Highest Level Since 2012
Credit Card Delinquency Rates Are At Highest Level Since 2012
What took place this week in the credit card and payment industries
This is what we call a 'leading indicator'.
Hopefully it ends with explosions.Someone in the upper class musta bought a "how to revolution" kit and is poking the populace to see if it works.
I can appreciate that kind of science.
Raise the price on everything! Line go up! (But sir, she cannae take any more!) LINE! GO! UP!
Except that it’s currently at 3.5%. The last time it was that high was 2012… and every quarter since at least the 2000s. We had record lows of delinquency during the pandemic as people paid cards down heavily with their government stimulus. While that was a wealth transfer, this isn’t any kind of an indicator more than it’s one from Forbes trying to spook average Americans so they can buy up more property when it collapses again. Link
Student loans, credit cards. They fuck you even if you’re homeless. The debt accumulates. Just waiting for you to get back on your feet.
Make no mistake about it. The wealth extraction class has refined its methods to the maximum. They’re stealing everything that isn’t nailed down before they lock down in their bunkers to survive global warming.
Is it really a "bunker" if it's the entire Hawaiian island of Lanai?
I just want to make sure we understand the scale of what's going on here. A "bunker" is small potatoes; these fucks have already extracted so much wealth they could field private armies if they want.
Some crazy part of me wonders what would happen if 50%-75%+ of people just straight up refused to pay.
And, not for like...one month. But 6-12 months. It would have to have a meaningful, negative impact to banks? Right?
Paraphrasing a common saying... If 100 people can't pay the bank back, the 100 people have a problem; if 100 million people can't pay the bank back, the bank has a problem.
Debt strike!
Debt strike!
Debt strike!
im pretty sure their card would get canceled and then debt collections would start.
This can only bode well.
Well for whom?
Honestly, nobody... defaulting is a pretty clear sign that us plebs are being squeezed and if creditors can't collect banks start feeling the pressure too.
I guess the prepers can rejoice?